Manama: The National Bank of Bahrain (NBB) released its first Annual Financial and Sustainability Report for the year 2020. The step fulfil stakeholder need for a coherent and consolidated performance information report linking sustainability concerns with traditional core business activities, as the bank continues on its journey towards adopting a more sustainable approach in accordance with international standards and best practices.
This Annual Financial and Sustainability Report highlights the bank’s goal to embed sustainability at the core of its business and considers fundamental reporting principles including accuracy, completeness, and balance. It covers some of the more apparent sustainability activities and performance data. The ESG reporting goal is to provide an overview of organisational performance, structured around the bank’s sustainability framework and the most relevant material issues for its stakeholders, which have been determined through a formal materiality assessment in order to shape the content of the report.
“The year 2020 was an unprecedented year with the coronavirus pandemic challenging all stakeholders to stand together for our common good. It forcefully reminded us that the health and well-being of individuals, society and our environment are essential for a vibrant economy and the financial success of the Bank and the Group as a whole.” He added: “For these reasons, we have renewed our commitment to corporate sustainability, embedding and systematically managing environmental, social and governance risks and opportunities in all aspects of the Group’s business. We are proud to reflect this in this Annual Financial and Sustainability Report, as another important step in our ongoing transformation,” Farouk Almoayyed, Chairman of NBB, said.
“Our commitment to be a leader in sustainable banking is one of our continuous aspirations. We believe that we have made leading progress already – taking a rigorous and systematic approach towards integrating environmental, social and governance issues into our core business, underpinned by practical action. Our sustainability roadmap, now being embedded in the business and sets out a clear direction for the practical steps we will take over the next three years, and provides a foundation for further development thereafter,” NBB’s CEO, Jean-Christophe Durand, added.
NBB’s sustainability framework contains seven pillars: economic growth, responsible banking; serving customers; nurturing the workforce; community investment; preserving natural resources; and governance and ethical behavior. The bank has highlighted the objectives for each of these pillars.
